Outdated financial methods cost SMEs $160,000 annually

To help solve the issue, KPay launched a unified pay-in/pay-out platform for SMEs.

SMEs in Hong Kong spend over 2,298 hours annually on outdated financial management methods, leading to an average annual operating cost of $160,000 per SME, KPay reported.

In response, KPay launched Hong Kong’s first unified pay-in and pay-out platform for SMEs.

Through this platform, SMEs can access a one-stop solution for payment collection, bill management, reconciliation, T+0 settlement, and financial data analysis that can reduce manual errors by up to 90%.

The new platform also offers fast international transfers via an infrastructure powered by Airwallex, allowing SMEs to manage bills efficiently and facilitate smoother pay-ins and pay-outs. Access to these facilities can be set up within 48 hours.

In addition, the platform features a “Connect to Bank” function that allows merchants to manage business performance anytime, anywhere.

KPay serves over 33,000 merchants across Hong Kong, Singapore, and Japan.